Aitken Spence expands renewable energy portfolio with solar

Dr. Parakrama Dissanayake - Deputy Chairman and Managing Director Aitken Spence PLC accepting the share transfer form from Kapila Jayawardena – Group Managing Director/ Chief Executive Officer of LOLC Group with other officials from Aitken Spence PLC, LOLC Group and respective former shareholder companies

Aitken Spence PLC this week reiterated its commitment to local and global sustainable development goals by acquiring Sagasolar Power (Private) Ltd, from the major shareholder LOLC Group for Rs. 1.4 billion. 

This investment from Aitken Spence expands their portfolio in renewable energy in the pursuit of enabling access to clean energy and contributing positively towards rising energy demands and lowering our national carbon footprint.

The Solar project contributes 10MW to the national grid and is expected to generate approximately 18 million kWh annually. 

This is the country’s first utility scale solar farm that extends to over 45 acres of leased land. The project was first commissioned in October 2016. 

The solar farm is located in Buruthakanda, Hambantota which has the highest recorded solar radiation level in Sri Lanka. 

“Amidst dire circumstances, this is yet another bold move and significant investment made by Aitken Spence that shows our commitment to expand the sustainable power generation portfolio with renewable energy projects. 

Solar power has the potential to play a key role in the renewable energy segment in Sri Lanka and this initiative strengthens the country’s efforts to move towards cleaner energy sources and productive management of sustainable and affordable energy generation,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC. “This is our first major project in solar power generation, and our stringent management frameworks will extend to the newly acquired solar energy power plant to meet all necessary compliance requirements,” added Leel Wickremarachchi, Managing Director of the power segment of Aitken Spence. In addition to solar power, the company’s renewable energy portfolio includes waste-to-energy, hydro power and wind power. In 2021, the company launched Sri Lanka’s first municipal solid waste to energy power plant and acquired three mini hydro power plants.